Bloomberg
Asian semiconductor stocks yesterday tumbled, tracking tech losses on Wall Street overnight after Meta Platforms Inc’s plan to develop a business that would sell access to artificial intelligence (AI) computing power raised worries about overcapacity.Shares of SK Hynix Inc and Samsung Electronics Co slumped about 14 percent and 9 percent respectively, driving a 7.89 percent drop in South Korea’s KOSPI index in Seoul. Tokyo’s Nikkei 225 lost 2.5 percent as memory maker Kioxia Holdings Corp plunged more than 13 percent and chip equipment maker Tokyo Electron Ltd shed 7.4 percent, while the TAIEX declined 0.58 percent as chipmaking giant Taiwan Semiconductor Manufacturing Co (台積電) fell 1.6 percent in Taipei.
South Korean dealers work in front of an electronic signboard showing the benchmark KOSPI at Hana Bank in Seoul yesterday.
A gauge of tech stocks in China plummeted 7.7 percent in its biggest drop since the Liberation day rout, with Montage Technology Co (瀾起科技) losing almost 15 percent in Shanghai.Meta, which has been rushing to secure expensive data centers and other infrastructure to fuel its own AI ambitions, is forming a business to generate revenue from excess computing power sold to outside customers, according to people familiar with the matter.
